Nedbank has announced it proposes to replace KPMG with EY as its auditor at its next annual general meeting, heaping even more pressure on the embattled firm that has lost a number of high-profile clients in recent months. Nedbank said in a statement on Monday that it proposed terminating KPMG as an auditor at the meeting, which is scheduled for May 2019. The banking group said that, following “a comprehensive tender process” EY with Farouk Mohideen as lead audit partner, has been nominated as the new joint external auditors. This means that following the completion of the audit for financial year ending December 2018, KPMG will be replaced by EY. While the bank made reference to mandatory audit firm rotation being introduced by the Independent Regulatory Board for Auditors (IRBA) which becomes effective in 2023, it seems in this case, only KPMG’s services are being terminated. Deloitte will remain the external auditor with EY for the foreseeable future. Executive chair of KPMG SA P...

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